JB Chemicals Bulk Deal: Promoter Sells 5.8% Stake For Rs 1,460 Crore

The promoter of JB Chemicals & Pharmaceuticals Ltd. sold 5.8% stake in the company for Rs 1,460 crore through an open market transaction on Thursday.

The New York and Hong Kong-based investment firm— Tau Investment Holdings offloaded 89.83 lakh shares or 5.8% at Rs 1625 apiece, according to a bulk deal data on NSE.

Tau Investment held 53.66% in the company as of December 2024.

Kotak Mahindra Mutual Fund mopped up 12.3 lakh shares or 0.79% stake at Rs 1,625 apiece.

On Wednesday, sources informed NDTV Profit that the pharmaceutical firm will sell up to 15.9 million shares in a block valued at Rs 2,576 crore. The shares were to be offered at a price of Rs 1,625 apiece, the sources had said.

In the quarter ended December 2024, JB Chemicals' consolidated net profit jumped 22% year-on-year to Rs 163 crore. The revenue grew 14% to Rs 963 crore in the same period.

Shares of JB Chemicals on Thursday closed 5.45% lower at Rs 1,615.70 apiece on the National Stock Exchange, compared to a 0.45% rise in the benchmark Nifty 50. The stock has fallen by 1.66% in the last 12 months but declined 12.39% on a year-to-date basis.

Thirteen out of the 15 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 33%.